The Customs (Export of Tea to United Kingdom on consignment Account) Valuation Rules, 1968
Published vide Noitfication Gazette of India, Extraordinary, 1968, Part 2, Section 3(i), p. 123, dated 12th February, 1968
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G.S.R. 518, dated 12th February, 1968. - In exercise of the powers conferred by Clause (b) of sub-section (1) of Section 14, read with Section 156 of the Customs Act, 1962 (52 of 1962), the Central Government hereby makes the following rules, namely :
- Short title.- These rules may be called the Customs (Export of Tea to United Kingdom on Consignment Account) Valuation Rules, 1968.
- Determination of value of tea exported to United Kingdom on consignment account.- The value of tea exported to United Kingdom on consignment account to be sold in the London auction shall, for the purpose of final assessment of duty of customs on such tea,. be determined by the proper officer in accordance with the provisions contained in rules 3 and 4.
- Determination of value.- The value of tea referred to in rule 2 shall be the price which the buyer is required to pay as a result of the auction of the tea in London less the aggregate of the amount specified hereunder (to the extent estimated by the Collector of Customs as reasonable and ordinarily incurred in respect of such tea), namely :
(a) the discount for prompt payment of the auction price of such tea ordinarily allowed to a buyer at the auction in London;
(b) the expenses ordinarily incurred by the exporters of such tea by way of -
(i) duty of customs;
(ii) ocean freight;
(iii) marine and war risk insurance;
(c) the cost of financing in London the transaction in respect of such tea for the period commencing from the date of export of such tea and ending with the date of clearance thereof from the bonded warehouse in London, had such tea been purchased at the port of exportation;
(d) such expenses incurred in London (other than expenses in connection with the auction of such tea in London) as are considered reasonable and which would have been ordinarily incurred on such tea had the same been purchased at the port of exportation.
- Determination of value to the best of judgment.- If the value of the tea referred to in rule 2 cannot be determined under rule 3, the proper officer shall, after taking into account all relevant materials which he has gathered, determine the value thereof to the best of his judgment.
